On 1 July 2012, Nine Ltd acquired all of the issued capital of J Ltd for a cash payment of $600,000. 1. On acquisition, 1 July 2012, J Ltd's accounts showed: Share capital $350 000 Retained earnings $ 80 000 2. J Ltd uses the cost method to account for property, plant and equipment. On 1 July 2012, the fair value of two of J Ltd's assets differed from the carrying amount, as follows: a. Land had a carrying amount of $925 000, but a fair value of $850 000. b. An item of plant that was undervalued by $80,000. On 1 July 2012 it had a remaining life of 5 years and accumulated depreciation of $36,000. 3. At 1 July 2012, notes to J Ltd's accounts identified a contingent liability related to an unsettled legal claim with a fair value of $90,000, which will be tax deductible when paid. The legal claim remains unsettled at 30 June 2015. Additional information: - No intragroup transactions have taken place between acquisition date and 30 June 2015 - The economic entity has not impaired any goodwill between acquisition date and 30 June 2015 - Tax rate is 30%. - Round all values to the nearest dollar.